On March 30, 2023 Savara Inc. (Nasdaq: SVRA), a clinical stage biopharmaceutical company focused on rare respiratory diseases, reported financial results for the fourth quarter and full year ending December 31, 2022 and provided a business update (Press release, Savara, MAR 30, 2023, View Source [SID1234629624]).
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"Enrollment in the pivotal Phase 3 IMPALA-2 trial remains on-track, and we continue to anticipate reporting top line safety and efficacy data by the end of 2Q 2024," said Matt Pauls, Chair and CEO, Savara. "As we approach the milestone of enrollment completion, I am proud of the team’s ability to advance the molgramostim development program during the headwinds of the COVID pandemic. That operational focus will extend to the launch of a global aPAP market development campaign in the second half of the year. Finally, in 2022 we maintained our track record of fiscal discipline and believe we are fully capitalized through 2025."
Fourth Quarter Financial Results (Unaudited)
Savara’s net loss for the fourth quarter of 2022 was $10.3 million, or $(0.07) per share, compared with a net loss of $11.3 million, or $(0.07) per share, for the fourth quarter of 2021.
Research and development expenses were $7.6 million for the fourth quarter of 2022, which were equivalent to the fourth quarter of 2021.
General and administrative expenses for the fourth quarter of 2022 and 2021 were $3.2 million and $3.0 million, respectively.
As of December 31, 2022, the Company had cash, cash equivalents and short-term investments of $125.9 million.
Fiscal Year 2022 Financial Results
The Company’s net loss for the year ended December 31, 2022 was $38.2 million, or $(0.25) per share, compared with a net loss of $43.0 million, or $(0.32) per share for the year ended December 31, 2021.
Research and development expenses decreased $1.1 million, or 3.8%, to $27.9 million for the year ended December 31, 2022 from $29.0 million for the year ended December 31, 2021. The decrease was primarily related to the termination of the vancomycin study during the year ended December 31, 2020, with the study close-out completed in the year ended December 31, 2021.
General and administrative expenses decreased $1.4 million, or 11.5%, to $10.9 million for the year ended December 31, 2022 from $12.4 million for the year ended December 31, 2021. The decrease was primarily due to the reduction of personnel and overhead costs from the closure of the Company’s Denmark office and Danish activities.